Vietnam-Egypt trade remains steady

This has laid a firm foundation for increasing trade cooperation between the two countries in 2010. A VOV correspondent in Egypt interviewed Dang Ngoc Quang, the Vietnamese Trade Counsellor in Egypt, about this issue.

VOV: During the past year, how badly did the global economic crisis affect bilateral trade?

Mr Quang: The 2009 crisis had been the most serious since the Great Depression in the 1930s. Like other economies, Vietnam and Egypt bore the brunt of the crisis. Consequently, their economies and foreign trade all fell.

However, bilateral trade relations have remained stable. Vietnam earned about US$165 million from exports to Egypt and imported products worth nearly US$20 million from that country.

Seafood was still Vietnam’s key export item in Egypt, accounting for one third of its total export value, followed by other agricultural products, such as pepper, rice, coconut, coffee, tea as well as garments and textiles.

VOV: Could you tell us more about Vietnam’s major export items to the Egyptian market?

Mr Quang: In 2009, the export volume of some key Vietnamese products decreased due to a sharp reduction in export prices, especially for seafood and coffee. Seafood exports fell dramatically after several Egyptian media agencies alleged that Vietnamese Tra fish had been raised in the contaminated water, and the Vietnamese Embassy in Cairo then suspended certificates for some of our seafood shipments for a short period of time.

However, Vietnam earned more from the export of raw materials for the cigarette, garments and tea industries, which helped increase its export turnover to Egypt during the past year.

In 2009, Vietnam also exported some new products to Egypt, such as rice, cigarettes and tea. Notably, the Vietnamese tea has successfully penetrated the Egyptian market.

VOV: What do you think about the prospects for trade cooperation between Vietnam and Egypt in 2010?

Mr Quang: The two countries will convene a meeting of their joint committee in 2010. They will review and implement a wide range of activities in various fields, including economics, trade, tourism and culture. Vietnam is expected to bag at least US$200 million in export revenues from Egypt in 2010, up by 25 percent from the previous year. I believe that the set target is within reach as Vietnam is promoting new products in this market.